Latest News
Saturday, February 10 - 2007
Greens tenants option to buy
Emaar Properties is offering tenants at The Greens the option of buying their leased premises. Emaar has detailed the terms of the offer in a letter sent to each tenant. Amlak is offering up to 97% mortgage finance.
UAE building costs to rise 20%
A local property expert says construction costs in the UAE will rise by at least 20% this year, Reuters reported. Aldar Properties CEO Ronald Barrott told the news agency that contractors are taking advantage of a disparity between demand and supply, with windfall oil revenues fuelling a booming construction sector in the Gulf.
Frayland, Victory Heights deal
Local builder Frayland has been awarded a contract to build 57 villas in the Victory Heights residential development at Dubai Sports City. The 4-6 bedroom villas are available in three styles: Mediterranean, Spanish Andalusian and classic European, according to a Victory Heights statement. The value of the deal was not disclosed. Victory Heights has in total 900 villas and townhouses set around an Ernie Els designed golf course.
Landlords exploit cap loopholes
Unscrupulous landlords are exploiting regulatory loopholes in Dubais rent law to try an get around the 7% cap on increases, Gulf News reported, citing a senior Rent Committee official. In some cases, occupants are being evicted and the property rented to a new party under a contract which is not bound by the cap. Meanwhile, a local property law specialist has said that while the rent cap law is a stabilising factor, it should be more flexible to take into account market rates for residential and commercial property.
Elevated walkway for Dubai Creek
An elevated 1.7km-long walkway is to be built along Dubai Creek, Gulf News reported. The twin level walkway will range from 100-30 metres in width and stretch between Dubai Municipality and Dubai Municipality Library on the Deira side of the creek. Two pedestrian bridges will also be built across the creek at its narrowest points. The work is designed to complement the Roads and Transport Authority s new integrated water transport plans.
Real estate sales to reach $2.45bn
Sales of residential real estate in Abu Dhabi will reach $2.45bn in 2007, according to Tamweel CEO Adel Al Shirawi. Around one-third of the estimated $817m in sales in 2006 were through mortgage lending, Al Shirawi told delegates at the Abu Dhabi Economic Forum. He said the emirates property law which gives the buyer a 99-year leasehold title will be adequate enough to spur growth.
Dubailand gets new CEO
Mohammad Al Habbai has been appointed new chief executive officer for the Dubailand project, according to Dubai state-owned developer Tatweer. Al Habbai was formerly the projects chief sales and marketing officer. He replaces Salem Bin Dasmal, who has recently been appointed as VP for business development and marketing at Tatweer.
Purple Line tender soon
Dubai's Roads and Transport Authority is expected to award the consultancy contract for the proposed Purple Line of the Dubai Metro within the next two months, ArabianBusiness.com reported. The line will add an express link between the international airports at Dubai and Jebel Ali. The Blue Line will also link the airports but with stops.
Abyaar, Acacia Avenues deal
Kuwait's Abyaar Real Estate has issued the tender for the main works contract for its $550m freehold villas at Acacia Avenues, Jumeirah, Dubai. Wade Adams, which has worked on the Palm Island Jumeirah and Dubai Sports City will be responsible for all infrastructure works at the 940,000 sqft development. The project, adjacent to Knowledge Village, is scheduled for full occupation in Q1 2009.
Al Mazaya, $220m tower sales
The Al Mazaya Real Estate Company has sold two of the three towers in the $340m Al Mazaya Business Avenue project in Dubai at Jumeirah Lakes. The two towers were sold for $220m, with the Hilal Al Zarooni Group and Dynasty Enterprises buying one for $111m, and Hilal al Zarooni and the Baraq Group buying the second for $109m. The three 44 storey commercial towers should be ready by 2009.
Dubai land prices up 64%
Land prices in Dubai jumped 64% last year, boosted by heavy property sales in Emirates Hills, Barsha and Mirdiff, while the price per square foot for built commercial property in Dubai doubled in 2006, according to a price index published by the Dubai Land Department and cited by Gulf News. Better Homes MD, Ryan Mahoney, put the rise in commercial property prices down to a strong demand for rental units.
Dubai rent cap to hit buy-to-lets
The introduction of a 7% rental cap in Dubai this year could impact on the healthy buy-to-let market in the emirate, reported Gulf News. In some areas, rents increased by up to 80% in the period before the government intervened with last years 15% cap. Analysts believe the market will stabilise and become more end user driven, although rental returns will remain good compared to places like the UK.
UAQ Marina, villa releases
Umm Al Quwain Marina, a venture between Umm Al Quwains government and Emaar Middle East, has launched its second phase of residences, with the release of villas in the Mistral Community. Sale of the Portuguese and Spanish-styled homes will begin on February 6 from 9am at the Umm Al Quwain Marina sales centre. Eventually, Umm Al Quwain Marina will feature over 8,000 homes including 6,000 villas and 2,000 townhouses.
Fortune Tower, welding blamed
The cause of the fire at the Fortune Tower in Dubai which killed two workers has been put down to unauthorised flame welding, reported Gulf News. Investigators from Dubai Police now say the fire started at about 12.30pm on the tenth floor in a drainage shaft containing pipes for the air conditioning systems. One Arab foreman and two Asian workers have been detained over alleged negligence.
UAE footie stars get villa
The members of the UAEs Gulf Cup winning team are to each be given a villa in their respective emirate, according to the local WAM news agency. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, made the gesture to show his appreciation for their efforts in winning the tournament last week. The UAE beat Oman 1-0 in the final.
